[By NBC-1TV H. J Yook]Synergy Pharmaceuticals Inc.(Nasdaq:SGYP), a developer of new drugs to treat gastrointestinal disorders and diseases, announced the closing of its underwritten public offering of 16,375,000 shares of common stock at an offering price of $5.50 per share. Synergy received net proceeds, after deducting the underwriting discount and estimated offering expenses, of approximately $84.5 million. Synergy has also granted the underwriters a 30-day option to purchase up to an additional 2,456,250 shares of common stock to cover over-allotments, if any.

Synergy intends to use the net proceeds from this offering to fund its research and development activities, including further clinical development of plecanatide and its other pipeline programs, for working capital, other general corporate purposes, and possibly acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated.

Credit Suisse, Citigroup and Canaccord Genuity are acting as book-running managers in this offering, and Cantor Fitzgerald is acting as a co-manager.